Press release
Information Technology Market Outlook 2025-2034: Key Trends, Growth Drivers, and Market Share
Information Technology Market Size
The need for cloud computing solutions is anticipated to fuel the growth of the information technology field in the predicted timeframe. In the model of cloud computing, data is stored online, managed, and operated by a cloud computing service provider as a service. Presently, numerous firms are opting for applications hosted on the cloud for regular operations. For instance, in January 2023, as per Google LLC, a technology enterprise based in the US, there was a 76% usage of the public cloud recorded in 2022, witnessing a rise of 56% compared to 2021. Also, in December 2023, as quoted by the European Union, an internationally based organization in the Netherlands, there was an increase of 4.2 percentage points in the consumption of cloud computing services by EU businesses in 2023, as compared to 2021. Thus, the growing need for cloud computing solutions is expected to boost the expansion of the information technology industry.
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What Is the projected market size and growth rate for the information technology market?
In recent times, the size of the information technology market has shown robust growth. It is projected to expand from $8920.05 billion in 2024 to $9610.93 billion in 2025, with a compound annual growth rate (CAGR) of 7.7%. The historic growth can be traced back to factors such as enhanced personal computing, widespread internet adoption, mobile revolution, advancements in software development, the rise of the open source movement, and growing cybersecurity concerns.
The size of the information technology market is projected to experience substantial growth in the forthcoming years, escalating to $13176.84 billion by 2029 with a compound annual growth rate (CAGR) of 8.2%. This predicted growth during the forecast period can be credited to the globalization of IT services, advancements in digital transformation and cybersecurity, the emergence of smart cities, and the evolution of e-commerce. Notable trends anticipated for the forecast period encompass hybrid work environments, adoption of cloud computing, climate tech solutions, utilization of AI in business procedures, sustainable IT practices, and the expansion of blockchain technologies.
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What new trends are reshaping the information technology market and its opportunities?
In the last half-decade, there has been a notable rise in the popularity of inexpensive open-source substitutes. Open source has emerged as a favoured means of developing new technology. Previously, unprofitable software would be open-sourced by software publishers. However, businesses are currently open sourcing software with the aim of enhancing their visibility and stake in the market. Supabase, a startup incubated in YC, which provides developers with an open-source alternative, recently declared that it had secured $6 million in funding for the development of new open-source instruments.
What major market segments define the scope and growth of the information technology market?
The information technology market covered in this report is segmented -
1) By Type: IT Services, Computer Hardware, Telecom, Software Products
2) By Organization Size: Large Enterprise, Small and Medium Enterprise
3) By End User: Financial Services, Retail & Wholesale, Manufacturing, Healthcare, Other End Users
Subsegments:
1) By IT Services: Managed IT Services, Cloud Services, IT Consulting Services, Technical Support And Maintenance
2) By Computer Hardware: Personal Computers (Desktops And Laptops), Servers, Networking Equipment (Routers, Switches), Storage Devices (HDDs, SSDs)
3) By Telecom: Mobile Services, Fixed-Line Services, Broadband Internet Services, Value-Added Services (VAS)
4) By Software Products: Enterprise Software (ERP, CRM), Operating Systems, Application Software (Productivity, Design), Security Software
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Which region dominates the information technology market?
Asia-Pacific was the largest region in the information technology (IT) market in 2024. North America was the second largest region of the information technology market. The regions covered in the information technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Which key market leaders are driving the information technology industry growth?
Major companies operating in the information technology market include Apple Inc., Microsoft Corporation, Verizon Communications Inc., China Mobile Limited, AT&T Inc., Huawei Technologies Co. Ltd., Deutsche Telekom AG, Dell Technologies Inc., Samsung Electronics Co. Ltd., Comcast Corporation, International Business Machines Corp., Oracle Corporation, Tata Consultancy Services Ltd., Salesforce Inc., Infosys Limited, Wipro Limited, Tech Mahindra Limited, Larsen & Toubro Infotech Limited, Mphasis Limited, Mindtree Limited, PagerDuty Inc., HCL Technologies Limited, Mirakl, 3i Infotech Limited, Inspirisys Solutions Limited, Atom Technologies Limited, Alphabet Inc., Amazon.com Inc
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What Is Covered In The Information Technology Global Market Report?
•Market Size Forecast: Examine the information technology market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the information technology market for a structured understanding.
•Key Players Overview: Analyze major players in the information technology market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the information technology market.
•Segment Contributions: Evaluate how different segments drive overall growth in the information technology market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the information technology market.
•Industry Challenges: Identify potential risks and obstacles affecting the information technology market.
•Competitive Landscape: Review strategic developments in the information technology market, including expansions, agreements, and new product launches.
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